India plans to introduce a new bill to ban Cryptocurrencies trading

The new bill is called ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’.

Tesla India officials meet MoRTH secretary in Delhi for a test drive
Source: Bloomberg

The Indian government plans to introduce a bill seeking a ban on all the cryptocurrencies like Bitcoin and put in place a framework for an official digital currency to be issued by the Reserve Bank of India. This law is amongst the 20 new bills, which the centre intends to propose during the Union Budget which will be presented on February 1. 

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The new bill is called ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’. The decision is taken to end the uncertainty on cryptocurrency which is neither banned nor legalised in India. The Reserve Bank of India (RBI) had banned banks from dealing with crypto exchange however that prohibition was upturned in March 2020 by the Supreme Court of India. 

In 2018 India’s monetary policy regulator had banned after a series of fraudulent transactions were noticed the months following PM Narendra Modi’s sudden decision to ban 80% of India's currency.

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